A former boss of mine frequently used to say, “There are no problems, only solutions.”
He was an idiot.

Of course problems exist. The coronavirus is a problem. It has crippled the world
economy. People have gotten very sick. People have died. These are problems.

The other reason for the idiocy of his statement is that it assumes mutual exclusivity
between problems and opportunities. While COVID-19 is unquestionably a problem, there
are also opportunities. In the world of talent management, the greatest opportunities
are in talent acquisition.

Talent Acquisition Opportunities During the Coronavirus Pandemic

Before we look at the opportunities, a little background and context will be helpful.
Before the crisis began, in February of 2020 U.S. unemployment was running at 3.5%,
the lowest number in over 50 years. In many industries, there was a labor shortage.
As a matter of fact, for the past year there were more open jobs in the US than job
seekers.

Just over 10 years ago, we were in a deep recession and unemployment peaked at 10%
in October of 2009. And yet when I taught classes to HR executives during that recession,
I constantly heard a familiar refrain: “I can’t find good people.” Did that mean that
the people they were finding were evil? Or did it mean that even during a recession
with high unemployment, it was hard to find people with the right skills.

In short, we are at the end of decade in which there were concurrent labor shortages
and skills shortages. Talented people were hard to find—and remember, the words “talent”
and “people” are not synonymous—even if you can find people, that doesn’t mean you’re
finding talent. Many companies had crucial positions open for many, many months and
were losing the long-lasting War for Talent.

And that brings us to today and a world very different from the world of a few months
ago. The April 2020 U.S. unemployment was more than quadruple what it was just two
months earlier. April’s 14.7% unemployment rate is a number that hasn’t been seen
since the Great Depression in the 1930s. We went from an all-time low to the highest
rate in decades in just two months. The good news: talent is now more readily available
than it has been in years, if not decades. The bad news: business is bad for most
organizations. It’s so bad that many organizations are laying off or furloughing employees.

So why am I advocating that you should be seeking out talent now, during this unprecedented
global crisis? First of all, you should be seeking great talent ALWAYS. But most importantly,
hiring good talent (while being mindful of important engagement and retention issues)
is a long-term investment. Bringing outstanding talent into your organization will
pay off in the long-run. Even though times may be tough right now, if you can source
and attract top talent into your organization now, the investment will pay dividends
for years to come.

We are currently in a once-in-a-generation job market that favors employers. Now is
a good time to make the investment to seek out and lock in available talent. The virus
is certainly creating health and economic problems, but it has also created a rare
opportunity.

Learn More About Talent Management During the COVID-19 Crisis

This article is part of a series on talent management during the worldwide coronavirus
pandemic. Click a link below to read more: